Gray Media Reports Q3 Revenue of $972 Million, Up 30%
Third-quarter revenue exceeded the high end of guidance. Political advertising revenue reached a third-quarter record of $198 million; core advertising revenue grew 1%. Gray also extended about $2 billion of debt maturities and reduced first-lien notes by nearly $1 billion.
Gray Media, Inc. reported total revenue of $972 million for the third quarter of 2026, surpassing the high end of its guidance of $965 million and representing a 30% increase compared to the third quarter of 2025. The company highlighted exceptionally strong political advertising revenue of $198 million, which set a record for third quarters in election years. Management noted that political advertising growth was bolstered by recent acquisitions, which helped offset crowd-out effects and contributed to a 1% growth in core advertising revenue.
Additionally, the company reported extending approximately $2 billion of debt maturities and reducing outstanding first lien notes by nearly $1 billion during the quarter and into October. Gray Media expects to use incremental political cash to further reduce debt by $175 million to $200 million in the fourth quarter of 2026.